Finance

Leak shows Credit Suisse held funds for heads of state, human rights abusers

A data leak of Credit Suisse clients shows the bank held millions for heads of state, intelligence officials, sanctioned businessmen and human rights abusers.

A whistleblower sent the information to a German newspaper on more than 18,000 active accounts at Credit Suisse, which collectively hold more than $100 billion. 

The newspaper shared the data with the Organized Crime and Reporting Project and 46 other global news organizations, including The New York Times.

People listed with millions in bank accounts include King Abdullah II of Jordan and the two sons of former Egyptian President Hosni Mubarak. 

Other account holders include the sons of an unidentified Pakistani intelligence head who helped funnel billions of dollars to the mujahedeen and corrupt Venezuelan officials.

The leak, called the #SuisseSecrets, also found that the bank opened accounts and served customers who had problematic pasts as well, including the two sons of former Nigerian dictator Sani Abacha. The data dates back to the 1940s until 2010. No more recent data was available.

In a statement, Credit Suisse spokesperson Candice Sun said the bank strongly denies the allegations against them, adding, “Of the remaining active accounts, we are comfortable that appropriate due diligence, reviews and other control related steps were taken, including pending account closures.” 

“Credit Suisse strongly rejects the allegations and inferences about the bank’s purported business practices,” Sun said.

The latest such leak follows a series of investigative reports, called the Panama Papers, Paradise Papers and Pandora Papers, which centered on secrets of financial institutions that house some of the world’s most wealthy that largely operate outside of tax laws. The data in all cases was analyzed by consortiums of journalists from around the world.

The bank in 2014 pleaded guilty to conspiring to helping Americans file false tax returns. It paid $2.6 billion in fines, penalties and restitution, the Times noted.

Tags Credit Suisse Whistleblower

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